Minoan Lines – Business Plan for 2017

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In a statement by the Chief Executive of Minoan Lines, Mr. A. Maniadakis, he outlined the Company’s thinking and it’s plans for 2017.

Minoan Lines have reviewed the changes in the operations of the marketplace and has decided to concentrate it’s growth and development in the “pathways” of the Greek seas.

In particular, he highlights the significant fall in the number of passenger on the Adriatic routes, the surge in “low cost” airlines with cheap flights, the new Balkan road routes that are opening, increases in fuel costs including new taxes and the difference in exchange rate values between the US dollar and the Euro, that will all have a substantial effect on the level of profit for the Company.

Under these circumstances, Minoan Lines will target the purchase of an additional share and as such, hold a majority
package, in Hellenic Seaways. The Company already has a 48.4% interest in Hellenic and is planning for expansion with new short and middle distance routes.
New boats will be in operation on these routes, to offer passengers the level of quality and service that they already come to expect from our route Heraklion- Piraeus.

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Minoan Lines, with it’s existing Company structure and experienced human resources will also operate as General Sales Agent for the ships of the highly renowned Grimaldi Group. This Group is a major shareholder in our Company and their ships, sailing from all over the world, have Greece as their final destination.

In terms of the Greek Ship Building Industry, Minoan Lines believe that restructuring is essential in order to upgrade the services available, to improve the level of trust and with better banking terms, it is possible for the Industry, to be financially viable.

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